Manulife US REIT to price Singapore IPO at top of range - IFR

Wed May 11, 2016 5:26am EDT
 
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HONG KONG May 11 (Reuters) - Manulife US REIT is set to price its Singapore initial public offering at the top of expectations, IFR said, raising $519.2 million in the country's biggest new listing in almost two years.

The real estate investment trust (REIT) offered 625.52 million units that are slated to be priced at $0.83 each, Thomson Reuters publication IFR reported, citing a source close to the transaction.

At that price, the REIT forecast a distribution yield of 6.6 percent in 2016 and 7.1 percent in 2017, according to its IPO prospectus.

The IPO was the biggest in Singapore since the $611 million listing of Accordia Golf Trust in July 2014. (Reporting by S. Anuradha of IFR; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)